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Beacon Communities Acquires Development Site In South Boston For $78.8M

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FINANCED
$78,800,000

Connecticut

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Development Site120,054 SF
Financed 10/01/2020
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Property Image
FINANCED

Beacon Communities Acquires Development Site In South Boston For $78.8M

25 James O'neil St, South Boston, Ma 02127, Usa

See Similar Deals
Development Site120,054 SF
Financed 10/01/2020
the dealplayerscompscontact
Contact now

Summary

CONNECTICUT
Asset Type:Development Site
Price Per Square Foot:$656
Total Square Footage:120,054 SF
Transaction Type:Loan

A development site located at 25 James O’Neil Street in South Boston, MA has recently been involved in a closed transaction. The property, owned by Beacon Communities LLC and Boston Housing Authority, has a total of 845 units. The loan amount for the transaction was $78,800,000, provided by masshousing''>MassHousing and Chrystal Kornegay.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $78,800,000
  • Address: 25 James O’Neil Street, South Boston, MA
  • Market: South Boston, MA
  • Units: 845
  • Developer: Beacon Communities LLC – Darcy L. Jameson, Boston Housing Authority
  • Lender: MassHousing – Chrystal Kornegay

The deal was facilitated by Chrystal Kornegay of MassHousing, representing the lender, and Darcy L. Jameson of Beacon Communities LLC and Boston Housing Authority, representing the developer. The transaction marks an important milestone for the development site, bringing new opportunities to the South Boston market.

Players

Chrystal Kornegay
MassHousing
Chrystal Kornegay
16 deals$467.6M volume
LENDER
MassHousing
MassHousing
LENDER

Details

FINANCED
IMAGE: IMAGE: Chrystal Kornegay⁠ DATE: 10/01/2020⁠ ADDRESS: 25 James O’Neil Street⁠ MARKET: South Boston, MA⁠ ASSET TYPE: Development Site⁠ UNITS: 845⁠ LOAN AMOUNT: $78,800,000⁠ DEVELOPER: Beacon Communities LLC – Darcy L. Jameson, Boston Housing Authority⁠ LENDER: MassHousing – Chrystal Kornegay⁠

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$78,800,000.00

Monthly NOI$525,333.33
Monthly Debt Service$498,069.60
Change in Cash Flow$0.00
Refinance Proceeds$0.00